All publications by tag «OIL»
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2017, May, 12, 11:50:00
OIL PRODUCERS CUTTING
OPEC will decide formally whether to extend the cuts when its ministers meet in Vienna on May 25. The producer group and other major suppliers including Russia agreed last year to cut their collective production by about 1.8 million barrels a day for the first half of 2017 in an effort to reduce bloated global stockpiles and re-balance the market.
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2017, May, 12, 11:45:00
1 MLN U.S. OIL GAS JOBS
Private investment in U.S. natural gas and oil infrastructure could create over 1 million U.S. jobs.
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2017, May, 12, 11:40:00
IRANIAN OIL: 3 MBD
Iran said that it has plans to increase its crude oil production capacity by 3 million barrels per day.
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2017, May, 12, 11:35:00
IRANIAN REVENUE: $191 BLN
Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor said Iran has so far recovered 1,060 billion cubic meters of natural gas from the supergiant South Pars Gas Field, adding the recovery has fetched Iran over 191 billion dollars in revenue.
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2017, May, 11, 18:10:00
OIL PRICES: ABOVE $50 AGAIN
Brent LCOc1 was 60 cents higher at $50.82 a barrel by 1255 GMT (8.55 a.m. ET) after hitting an early high of $51.09. U.S. light crude oil CLc1 was last up 60 cents at $47.93.
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2017, May, 10, 18:08:00
OIL PRICES: ABOVE $49 AGAIN
Global benchmark Brent crude LCOc1 was up 68 cents at $49.41 a barrel by 1327 GMT (9.27 a.m. ET). U.S. light crude CLc1 oil was 69 cents higher at $46.57 a barrel.
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2017, May, 10, 18:06:00
OIL PRICES: $53 - $57
North Sea Brent crude oil spot prices averaged $52 per barrel (b) in April, $1/b higher than the March average and the fifth consecutive month that Brent crude oil spot prices averaged between $50/b and $55/b. EIA forecasts Brent prices to average $53/b in 2017 and $57/b in 2018. West Texas Intermediate (WTI) crude oil prices are forecast to average $2/b less than Brent prices in both 2017 and 2018.
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2017, May, 10, 18:04:00
OIL INVESTMENT CUTTING
Investors cut their bullish bets on the oil price to the lowest level since OPEC reached a deal to cut output last year, amid continued doubts about the effectiveness of that agreement.
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2017, May, 10, 18:02:00
SAUDI'S OIL POLICY
Saudi Arabia’s conventional approach to market management is no longer working: crude has fallen back below $50 a barrel, US shale oil output is again on the rise and Saudi-led Opec, if anything, is worse off than when it agreed the supply deal back in November, having cut volumes for little upside on price.
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2017, May, 10, 18:00:00
U.S. SHALE RISK
The resurgence of the US shale industry after the oil slump of 2014 was a key factor in how crude prices fell sharply last week, to back below $50 per barrel. The market is concerned about whether efforts by Opec, the producers’ cartel, to tackle a supply glut by curbing output will be undermined by reinvigorated US shale companies.